Mc Minnville, Tennessee Property Taxes
The median property tax rate in McMinnville, TN is 0.60%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $361,100 in McMinnville, the typical annual property tax bill reaches $2,167, falling below the national median of $2,690. Property taxes in McMinnville are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding McMinnville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of McMinnville or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mc Minnville, Tennessee Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
Ownwell’s MC MINNVILLE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC MINNVILLE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC MINNVILLE to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Mc Minnville, Tennessee
Property taxes in McMinnville, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in McMinnville is 0.60%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within McMinnville set these rates annually, and they can vary significantly across different neighborhoods. Each year, McMinnville estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares McMinnville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37110 has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with McMinnville provides valuable insights into the varying tax landscape across Van Buren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Minnville Tax Rate
0.60%
Average Van Buren County Tax Rate
0.60%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Minnville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37110 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Mc Minnville, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in McMinnville, Tennessee. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the local appraisal district for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In McMinnville, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. For instance, the median home price in McMinnville is $361,100, with tax bills ranging from the 25th percentile at $2,167 to the 90th percentile also at $2,167. The zip code with the highest median tax bill is 37110, which is also the zip code with the lowest median tax bill. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mc Minnville Assessed Value
$361,100
Average Van Buren County Assessed Value
$96,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Minnville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37110 | $361,100 | $361,100 | $361,100 | $361,100 | $361,100 |
Source: Ownwell
Property Tax Bills Across Mc Minnville, Tennessee
In McMinnville, located in Van Buren County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the property's market value. The property tax rate, also known as the millage rate, is then applied to the assessed value to calculate the annual tax bill. For example, with a median home price of $361,100, homeowners in McMinnville can expect a median property tax bill around $2,167. This amount is consistent across various percentiles, including the 25th, 75th, and 90th percentiles, reflecting a stable tax rate in the area. The tax bill impacts homeowners by contributing to local services such as schools, emergency services, and infrastructure. Comparatively, the national median property tax rate is 0.99%, making McMinnville's rate relatively moderate. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Mc Minnville Tax Bill
$2,167
Average Van Buren County Tax Bill
$590
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Minnville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37110 | $2,167 | $2,167 | $2,167 | $2,167 | $2,167 |
Source: Ownwell